When something is at the same time disappointing, shocking and hilarious. In this case, you'd combine the words to make "disashockinglarious."

This word is used in Nickelodeon's Victorious episode entitled "Tori Goes Platinum." In one scene of the episode, the whole class is watching a video of Tori pretending to be a crazy famous person by faking flipping out about her salad at a restaurant she goes to. So it is mentioned that this video is disappointing, shocking, and hilarious. Then Jade (one of the students in the class) says it's disashockinglarious.

That movie I saw last night was somewhat disappointing, shocking and hilarious at the same time. Therefore, it was disashockinglarious!